AllAnalyst Report
logoArgusSeptember 19, 2023

PPL Corporation: Sluggish performance from key subsidiaries

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PPL Corp., based in Allentown, Pennsylvania, has generation, transmission, distribution, and wholesale operations. Its utilities deliver electricity and natural gas on a regulated basis to customers in Pennsylvania, Kentucky, Rhode Island, and Virginia. The company also serves natural gas customers in Kentucky. The company has 3.5 million customers. PPL sold its UK Western Power Distribution business to National Grid in 2021. With this sale, PPL has regulated utility operations in Pennsylvania (PPL Electric, 1.4 million customers), Kentucky (KU and Louisville Gas and Electric, 1.3 million), and Virginia (less than 0.1 million). In 2022, KU accounted for about 50% of full-year earnings. PPL also acquired Narragansett Electric, now rebranded as Rhode Island Energy, in May 2022, adding 0.8 million gas and electric customers. PPL lags peers in reducing carbon emissions, though management is targeting an 80% reduction in emissions from 2010 levels by 2050.

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